Evening Thoughts on November 5th

This morning, the Bitcoin market experienced significant fluctuations. The price of Bitcoin dipped to around 67,400, but then market strength emerged, pushing the price upward, peaking near 69,100. However, the upward momentum could not be sustained, and the price fell back to the 68,600 area. As of now, Bitcoin is maintaining stable operation around 68,900. In this morning's rebound operation, by accurately timing our entry, we secured a steady profit of 640 points in the afternoon.

Regarding the current market situation, we conducted an in-depth technical analysis. On the daily chart, Bitcoin price has closed in the red for six consecutive trading days, forming a clear six-day downtrend, with the closing price below the middle band, indicating an overall bearish market. Further observation of the hourly chart reveals that bullish strength is beginning to weaken, with trading volume showing a declining trend, and various technical indicators pointing downward. Based on the above analysis, we recommend continuing to adopt a high short strategy in the evening.

Evening Operation Suggestions

Bitcoin: Short around 69,000 to 69,200, with a target of 68,200 to 67,700.

Ethereum: Short around 2,460 to 2,480, with a target of 2,420 to 2,400.